Xiaomi Q3 Revenue Falls 10%, Hit by Phone Sales' Weakening

witnessed its overall inventory shed almost 9% from the previous quarter with inventory in China back to healthy level, and the overseas inventory is expected to return healthy no later than the first quarter next year. In light of current macroeconomic setting, Xiaomi continued relatively conservative outlook on the smartphone market size next year.

Answering questions about the auto unit to produce electric vehicles, Xiaomi reconfirmed a schedule of mass production in 2024, and said it’s well on the track to achieve the goal. Members of auto RMaxD team he been topped 1,800 people and the efficiency and scale of investments in automaking will not pose meaningful impact on the company, Xiao noted.

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